The latest report by IMARC Group, titled “Pressure Reducing Valve Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global pressure reducing valve market reached US$ 2,961 Million in 2021. A pressure reducing valve (PRV) is self-operative equipment that reduces incoming gas, fluid, or steam pressure. It is operated through manual, hydraulic, or pneumatic processes to open, close, or partially obstruct the fluid channel. It converts a higher unregulated inlet pressure to a constant, reduced outlet pressure regardless of the fluctuations. It is also used to safeguard the installation from noises in the water hammers, pipes, splashes, and premature wear of household electrical appliances and taps. Owing to these properties, PRVs are widely employed in residential, commercial, institutional, and industrial spaces across the globe.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Pressure Reducing Valve Market Trends:
The market is primarily driven by the expanding oil and gas industry as PRVs maintain the pressure in the pipeline and prevent pipes from bursting. They also eliminate the chances of leakage and overheating of pipes. Besides this, PRVs are also employed in the aerospace industry to control propulsion pressure in reaction and altitude control systems. This, coupled with the significant investments in new refineries, development of existing facilities and increasing mergers and acquisitions (M&As), are creating a favorable market outlook across the globe. Moreover, the introduction of innovative product variants, such as flow modulated PRVs that produce constant pressure at critical points within the distribution system, is also contributing to the market growth. Furthermore, rapid urbanization and industrialization and the growing awareness regarding renewable energy are anticipated to propel market growth in the coming years. Looking forward, IMARC Group expects the market to reach US$ 3,730 Million by 2027, exhibiting a CAGR of 3.69% during the forecast period (2022-2027).
- Based on the type, the market has been bifurcated into direct acting and pilot operated.
- On the basis of the operating pressure, the market has been classified into below 300 Psig, 301-600 Psig, and above 600 Psig.
- Based on the end user, the market has been segmented into oil and gas, power generation, chemical, water and wastewater, metals and mining, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report, with some of the key players being Aalberts N.V., Armstrong International Inc., CIRCOR International Inc., Eaton Corporation plc, Forbes Marshall, Honeywell International Inc., KSB SE & Co. KGaA, Parker-Hannifin Corp., Reliance Worldwide Corporation Limited, Spirax-Sarco Engineering plc, TALIS Management Holding GmbH and Watts Water Technologies Inc.
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